THE TRIANGLE PATTERN APPEARS TO BE APPROACHING COMPLETION.
The RS pattern is advancing and appears to be entering its final downward stage, marked as Phase E. It is anticipated that the completion of this triangle pattern will initiate a strong upward trend toward Target 1 (T1) and potentially further.
There is an interim expectation for a consolidation phase around the R1/S1 levels, which is now emerging as an overlapping LM flag pattern. As a result, the R1 level has been revised to reflect this development.
The concluding downward movement towards a cluster support, ranging between (S-18.29) and the second support level (S2*), is expected to finalize the R/S triangle pattern.
Alternatively, should the price break below the critical S2* level, it would invalidate the current triangular pattern hypothesis, indicating instead that a more extended R3/S3 corrective phase is underway.
Target and Reassessment Levels:
Important Levels: S2* - 18.12
Primary Trend: RS Triangle pattern consolidation, followed by a bull trend to 20.90 and beyond.
Current Trend: 18.29 to 19.33 defined bullish correction
Monthly Range: 18.55 to 19.33
Technical Rating: Medium
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